Just remember ground up type project deals can sometimes have the fattest projections but also the most variables and risk.

Honestly, there are many variables. 

This would be a non recourse loan (for a downpayment on a new construction property) so we wanted to consider something other than our HELOC (that has a variable interest rate attached to it). 

Size and private bathroom can change that variable.

If your getting different answers, then there are different variables in there somewhere. 

These variables can cause deals to fall through or add unnecessary stress to your project—something you don’t want to experience as a new investor.Better Negotiating Position: Cash is king in real estate.

Ensure that the projected rental income from the multifamily property comfortably covers these expenses, along with any potential vacancies or maintenance costs.Interest Rates and Terms HELOCs often have variable interest rates.

I realize there are a lot of variables at play during turnovers, such as:- What was the condition prior to tenant move-in and what is the condition after move-out?

You just need to change the right variable/ variables so the equation fits what you are looking for.

Analysis wise - theres a ton of variables that come into play when seeing how well a home will perform.